In the wealth management world we spend a lot of time thinking about how we can attract new clientsWe all know the power of referrals or as I like to think about them introductions to potential clients. It’s a proven and powerful way of creating new clients.

I want you to ask yourself this question – what is it that potential clients do before they decide to engage with your firm through a conversation?

In the past this was a pretty easy answer……nothing. That’s because there really wasn’t any way for potential clients to check you out. Today, the world has changed.  It’s become easy to find out what your firm stands for if anything.

Are you making public talks to those who you want as clients?

This is an area that is terribly underutilized by wealth management firms.  Your best clients probably fit into a mold of one type or another.  They probably belong to similar clubs; have similar interests and similar issues.

Do you spend time trying to figure out where those places are?  Better yet, do you spend time looking at opportunities you might have to speak before groups they belong to?  If you do, you have a great opportunity to exhibit your expertise…..you might even be surprised and get a few requests to have a meeting.

Do you have a blog on your website?

If you’ve been reading my blog posts for any period of time this is not the first time you’ve seen this question.  A blog is the easiest way for you to display your personality. It’s the easiest way for you to communicate about what makes your firm different.

You can write about what happens in your firm and what problems you’ve helped solve. This humanizes you. Don’t you want potential clients to find you engaging and interesting? Writing a blog gives you this opportunity.

Are you involved in social media?

I’m not talking about making entries when you get a cup of coffee. I’m talking about becoming a source that those you want as clients rely on for information that helps them think about issues they have.

The key here is to choose a social media platform that works best for your target audience. If you have mostly individuals for clients, Facebook is a good place to hang  If you mostly work with businesses, then LinkedIn might be where you want to be.

At the same time be careful of just using one network. There are times where using Facebook for a business audience can work well. You want to make sure you are different. Don’t look like everyone else out there. When you show yourself as a real person you might find that people want to engage with you and some of them could even become clients.

Do you have a monthly E-Newsletter?

I’m not talking about your quarterly letter. I’m talking about a letter that you write to your clients and those you might want as clients. It should be no more than 1,000 words and it should cover one topic that your best clients are interested in.

The clearer you are about who your best clients are, the easier it will be for you to write your newsletter. You might even want to make your monthly newsletter where you talk about a specific timely issue your clients are facing

I can promise you that if one client has an issue, you have many more that also are interested in that topic.

What does your website say about your firm?

I hope you actually have asked yourself this question. Too often I see wealth management websites that look like they came out of the same mold. And, in many cases they have.

Let your best clients know what you specialize in. I recently saw a site that clearly stated we know more about lawyers than anyone else. They even had a section on their site that talked directly to lawyers and the problems this firm could solve.

Of course, if you weren’t a lawyer you wouldn’t call them. That’s not their problem. They have lots of business and they mostly come from lawyers. Letting people know what you do and how you do it will always make you different. That is if you’re brave.

Is there a place for potential clients to read about people like them?

I call this case study part of your reputation management program. I believe all wealth management firms need to be writing case studies about specific issues they’ve helped clients with.

You can make case studies into blog entries, newsletters, a special section on your website and even podcasts or videos. The more you talk about the specifics of what you do, the easier it is for potential clients to figure out if you’re right for them.

Do you publish to establish your expertise?

I hope that you’re looking for places to publish. You can choose magazines, guest blogging, commenting on other people’s blogs or even writing for print magazines and their online counterparts.

I suggest that you start with a LinkedIn blog entry.

It’s easy and allows you to get your feet wet. You’ll quickly find out what works and what doesn’t. The important thing is build your expertise and reputation. In our industry there is almost nothing better than writing or public talks to do that.

Here’s my question to you…..Are you willing to spend a few hours a week polishing your firm’s reputation? Do you ask others in your firm to pitch in and help?

Sometime in the future firms that haven’t thought about reputation management will find themselves at a real disadvantage. Don’t let that happen to you.


Topics: For business owners, reputation management, Marketing, client engagement

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